Search Result for : Mining

The Dollar Business Bureau Indonesia and the American mining company Freeport-McMoRan Inc on Tuesday came to an agreement to allow the miner to operate its Grasberg gold and copper mine. However, the time period and divestment value of 51% in the mine are yet to be sorted out. Freeport-McMoRan Inc, the largest publicly-traded copper company in the world, can apply for an instant permit extension for 10 years for mining at the Grasberg after 2021, said Ignasius Jonan, Indonesian Minister of Energy and Mineral Resources. Grasberg is the second-largest copper mine in the world, situated in the Indonesian province of Papua. “The mandate of the president, which has been agreed to by Freeport, is that the divestment should reach 51% in total,” Jonan said while addressing a joint press ...

The Dollar Business Bureau Bauxite production in India is likely to increase to 49.4 million tonnes by 2021 from 22.08 million tonnes in 2016, according to a report.   The production of bauxite in the country is estimated to be 26.1 million tonnes in 2017, an increase of 18 compared to last year 2016, the report by BMI Research said. The production of the metal is likely to reach to 49.4 million tonnes in 2021, the report said.  “We forecast Indian bauxite production to grow from 26.1 million tonnes in 2017 to 49.4 million tonnes in 2021, averaging an annual growth rate of 17.5% during 2017-2021, significantly higher than the annual average 3.9% growth over 2012-2016,” the Research report said.  The growth of bauxite production in ...

The Dollar Business Bureau  India and Latin America organised a business networking seminar on Thursday in Mumbai in order to boost trade and investment between the two regions.  The International Conclave on India-Latin America & Caribbean Partnership: Opportunities to Promote Trade and Investment was jointly organised by the Group of Latin America and Caribbean countries (GRULAC) in India, the All India Association of Industries (AIAI) and World Trade Centre Mumbai.  The conclave, which was organised for the first time in the commercial hub of Mumbai, was attended by nearly 40 Heads of Missions, overseas experts, investment and trade promotion agencies from LAC, and senior government officials from India and LAC.  Trade between India and LAC is expected to reach $100 billion from the current $46 ...

The Dollar Business Bureau The Office of the Economic Advisor and the Ministry of Commerce and Industry in India released the first compilation of Index of Industrial Production (IIP) taking the base year as 1937. They had covered 15 industries then. Subsequently, the base years underwent a revision twice, 1946 and 1951 With the commencement of the Central Statistical Organization in 1951, the task of compiling and publishing the IIP was entrusted in this office. Since then the IIP has been released monthly by the CSO. The initial general scope of the IIP included details of the Manufacturing, Mining, Electricity, Construction and Gas sectors. But due to challenges in obtaining data, the present IIP has details of the Manufacturing, Mining and Electricity sectors ...

PTI Metals-to-mining magnate Anil Agarwal, who plans to buy $2.4 billion worth of stake in Anglo American, said the mining giant has a balanced portfolio and world-class assets. “I like Anglo's entire balanced portfolio, both in South Africa and elsewhere. I believe Anglo has several world-class assets, including (diamond giant) De Beers,” Agarwal told the weekly Sunday Times here amid speculation that he was planning a takeover bid after becoming the second largest shareholder in Anglo American. Agarwal also said he did not favour any move to try to break Anglo American into South African and international arms as he believed the group's strength lay in both businesses. What had attracted him to the company was its strategy, he said, adding ...

The Dollar Business Bureau The index of mineral output of mining and quarrying sector for May 2016 (new series 2004-05=100) witnessed a 1.3 percent growth compared to the same month in 2015. The cumulative growth for April-May 2016-17 as compared to the corresponding period of last year surged 1.2 percent, according to the provisional figures provided by Ministry of Mines in a statement on Monday. The overall value of India’s mineral production, excluding the atomic and minor minerals, during the month of May this year stood at Rs.18809 crore, in which coal contributed the highest at 39 percent (Rs.7423 crore). The contribution of other minerals include crude petroleum Rs.5595 crore, natural gas (utilised) contributed Rs.2122 crore, iron ore Rs.1968 crore. In addition, limestone and lignite segments contributed ...

Sharath Chowdary The Telangana government is preparing to host an investor summit in Hyderabad early next year to attract investments from all over the world, Telangana IT and Industries Minister K T Rama Rao told The Dollar Business Bureau. Speaking to the media after the release of the State Department of Industries and Commerce annual report in Hyderabad on Saturday, the minister said that the government wants to associate with all major industry bodies of the state and country to organise the investors’meet. The minister also released the annual report of Department of Mines and Geology. Telangana and particularly the city of Hyderabad have been in the news for attracting some of the prestigious projects in the country. 25 projects have been cleared ...

Aamir H Kaki The government is planning to place 50-60 mines on auction this year. Out of which, six mines have already been auctioned and another 20-25 mines are in the pipeline that will be put up for auction in the next three months, Balvinder Kumar, Secretary, Ministry of Mines, said while addressing a gathering at “Workshop on Mineral Concession Rules, 2016” organised by FICCI on Wednesday. Six mines have already been auctioned and another 20-25 mines are in the pipeline that will be put up for auction in the next three months. He informed that the mines in the states of Karnataka, Gujarat, Rajasthan, Jharkhand and Madhya Pradesh are in the pipeline for auction. Kumar further said that the ministry is coming ...